Enphase Energy

Information Technology Semiconductor Materials & Equipment Fremont, California Last filing Feb 10, 2025 · FY2024

                    Revenue
                    FY2024
                
$1.3B
                    3y CAGR -1.3%
                    
                    P22
                    
                    -41.9%
                    
                    Net income
                    FY2024
                
$102.7M
                    Net margin +7.7%
                    
                    P22
                    
                    -76.6%
                    
                    Total assets
                    FY2024
                
$3.2B
                    ROA +3.2%
                    
                    P11
                    
                    -3.9%
                    
                    Operating cash flow
                    FY2024
                
$513.7M
                    FCF margin +36.1%
                    
                    P88
                    
                    -26.3%

14 yrs · FY2010–FY2024 1 gap (2011) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

36 accounts · 5 years

Total assets $3.2B

Total liabilities $2.4B

Shareholders equity $833.0M

Account	2024	2023	2022	2021	2020
Assets
Cash and Cash Equivalents	11.4%	8.5%	15.3%	5.7%	56.6%
Short Term Investments	38.6%	41.6%	36.9%	43.2%	0.0%
Accounts Receivable	6.9%	13.2%	14.3%	16.0%	15.2%
Inventory	5.1%	6.3%	4.9%	3.6%	3.5%
Prepaid Expenses	6.8%	2.6%	2.0%	1.8%	2.5%
Contract Assets	4.7%	4.9%	4.3%	4.5%	5.8%
Total Current Assets	71.6%	72.2%	73.4%	70.3%	77.7%
Property,Plant and Equipment	4.5%	5.0%	3.6%	4.0%	3.6%
Operating Lease Assets	0.8%	0.6%	0.7%	0.7%	1.5%
Goodwill	6.5%	6.3%	6.9%	8.7%	2.1%
Intangible Assets	1.3%	2.0%	3.2%	4.7%	2.4%
Capitalized Software	0.7%	0.7%	0.6%	0.6%	0.4%
Other Noncurrent Assets	5.6%	6.4%	5.5%	5.7%	5.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.8%	3.4%	4.1%	5.5%	6.1%
Accrued Liabilities	6.1%	7.7%	9.6%	7.6%	6.4%
Contract Liabilities	7.3%	3.5%	2.9%	3.0%	4.0%
Product Warranty	1.1%	1.1%	1.2%	0.9%	0.9%
Operating Lease Liabilities	0.2%	0.2%	0.2%	0.2%	0.4%
Current Portion of Long Term Debt	3.1%	0.0%	2.9%	4.1%	27.2%
Income Taxes Payable	0.1%	0.3%	0.5%	0.0%	0.0%
Restructuring Reserve	0.1%	0.1%	0.0%	0.0%	—
Total Current Liabilities	20.3%	15.7%	20.7%	21.2%	44.5%
Long Term Debt	37.0%	38.2%	38.9%	45.8%	0.4%
Operating Lease Liabilities Noncurrent	0.7%	0.6%	0.6%	0.6%	1.3%
Deferred Tax Liabilities	1.0%	1.1%	1.2%	1.2%	1.6%
Product Warranty Noncurrent	4.9%	4.5%	3.1%	2.6%	2.9%
Other Noncurrent Liabilities	1.7%	1.5%	1.4%	0.8%	1.4%
Total Liabilities	74.4%	70.9%	73.2%	79.3%	59.7%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	33.4%	27.8%	26.6%	40.3%	44.6%
Retained Earnings	-7.5%	1.4%	0.6%	-19.5%	-4.3%
Accumulated Other Comprehensive Income	-0.2%	-0.1%	-0.4%	-0.1%	0.0%
Total Stockholders Equity	25.6%	29.1%	26.8%	20.7%	40.3%
Total Liabilities and Stockholders Equity	100.0%	100.0%	100.0%	100.0%	100.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $1.3B

Operating income $77.3M

Net income $102.7M

Account	2024	2023	2022	2021	2020
IncomeStatement
Revenues Total Revenue	40.9%	67.7%	75.6%	66.5%	64.5%
Expenses Cost of Revenue	21.6%	36.4%	44.0%	39.8%	35.7%
Expenses Research and Development	6.2%	6.7%	5.5%	5.1%	4.7%
Expenses Selling,General and Administrative	10.4%	11.0%	11.6%	12.0%	8.7%
Expenses Depreciation and Amortization	0.7%	0.8%	0.8%	0.5%	0.4%
Expenses Share Based Compensation	6.5%	6.3%	7.0%	5.5%	3.5%
Expenses Restructuring Charges	0.4%	0.5%	0.1%	0.0%	0.0%
Expenses Asset Impairment Charges	0.9%	0.3%	0.0%	0.0%	0.0%
Other Income Expense Gross Profit	19.4%	31.3%	31.6%	26.7%	28.8%
Other Income Expense Operating Income	2.4%	13.2%	14.5%	10.4%	15.5%
Other Income Expense Interest Income	2.4%	2.1%	0.4%	0.0%	0.2%
Other Income Expense Interest Expense	0.3%	0.3%	0.3%	2.2%	1.7%
Other Income Expense Gain/loss On Investments	0.1%	0.0%	0.0%	0.3%	0.0%
Other Income Expense Other Income/expense	-0.8%	0.2%	-0.0%	0.3%	-0.1%
Other Income Expense Income Before Tax	3.7%	15.2%	14.7%	5.8%	9.9%
Income Tax Income Tax Expense	0.5%	2.2%	1.8%	-1.2%	-1.2%
net Income net Income	3.2%	13.0%	12.9%	7.0%	11.2%
net Income Comprehensive Income	3.0%	13.2%	12.6%	6.9%	11.3%
Earnings Per Share Weighted Average Shares Basic	4.2%	4.0%	4.4%	6.4%	10.5%
Earnings Per Share Weighted Average Shares Diluted	4.3%	4.2%	4.7%	6.9%	11.8%

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 5 years

Operating cash flow $513.7M

Investing cash flow $128.3M

Financing cash flow $-460.3M

Account	2024	2023	2022	2021	2020
CashFlow
Operating Activities net Income	3.2%	13.0%	12.9%	7.0%	11.2%
Operating Activities Depreciation and Amortization	0.7%	0.8%	0.8%	0.5%	0.4%
Operating Activities Share Based Compensation	6.5%	6.3%	7.0%	5.5%	3.5%
Operating Activities Provision For Doubtful Accounts	0.2%	0.0%	0.0%	0.0%	0.0%
Operating Activities Deferred Income Taxes	-1.9%	-1.4%	-0.0%	-1.5%	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	-0.8%	7.5%	12.1%	13.7%	4.0%
Operating Activities net Cash From Operating Activities	15.8%	20.6%	24.1%	16.9%	18.0%
Investing Activities Capital Expenditures	1.0%	3.3%	1.5%	2.5%	1.7%
Investing Activities Business Acquisitions	0.0%	0.0%	2.0%	11.3%	0.0%
Investing Activities Purchases of Investments	36.5%	61.5%	29.4%	45.0%	0.0%
Investing Activities Proceeds From Sale of Investments	41.4%	54.4%	21.4%	1.7%	0.0%
Investing Activities net Cash From Investing Activities	3.9%	-10.8%	-12.1%	-58.7%	-2.1%
Financing Activities Proceeds From Stock Issuance	0.4%	0.4%	0.3%	0.4%	0.0%
Financing Activities Repurchase of Common Stock	12.0%	12.1%	0.0%	24.0%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	2.4%	3.6%	0.9%	1.4%	5.7%
Financing Activities net Cash From Financing Activities	-14.2%	-15.3%	-0.6%	14.9%	16.0%
Cash Reconciliation Effect of Exchange Rate Changes	-0.2%	0.1%	-0.1%	-0.1%	0.1%
Cash Reconciliation net Change In Cash	5.4%	-5.5%	11.5%	-26.9%	31.9%
Cash Reconciliation Cash At Beginning of Period	11.4%	8.5%	15.3%	5.7%	56.6%
Cash Reconciliation Cash At End of Period	11.4%	8.5%	15.3%	5.7%	56.6%
Supplemental Disclosures Income Taxes Paid	1.0%	2.2%	1.1%	0.2%	0.3%
Supplemental Disclosures Interest Paid	0.0%	0.0%	0.0%	0.0%	0.2%
Supplemental Disclosures Capital Expenditures Incurred But Not Yet Paid	0.3%	0.3%	0.6%	0.4%	0.3%
Supplemental Disclosures Right of Use Assets Obtained	0.4%	0.1%	0.4%	0.0%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2024	2023	2022	2021	2020
Profitability
Gross margin	+47.3%	+46.2%	+41.8%	+40.1%	+44.7%
Operating margin	+5.8%	+19.5%	+19.2%	+15.6%	+24.1%
Net margin	+7.7%	+19.2%	+17.0%	+10.5%	+17.3%
FCF margin	+36.1%	+25.6%	+30.0%	+21.7%	+25.3%
Growth
Revenue CAGR (3y)	-1.3%	+43.5%	+55.1%	+63.5%	+39.4%
Returns
ROE	+12.3%	+44.6%	+48.1%	+33.8%	+27.7%
ROA	+3.2%	+13.0%	+12.9%	+7.0%	+11.2%
ROIC	+3.7%	+19.2%	+24.0%	+16.0%	+137.6%
Liquidity
Current ratio	3.53x	4.59x	3.55x	3.33x	1.75x
Quick ratio	0.90x	1.38x	1.43x	1.03x	1.61x
Leverage
D/E	2.90x	2.44x	2.74x	3.83x	1.48x
Interest coverage	8.94x	50.43x	47.50x	4.78x	8.88x
Efficiency
Asset turnover	0.41x	0.68x	0.76x	0.66x	0.65x
Cash conversion cycle	+100d	+100d	+76d	+71d	+60d

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Enphase Energy

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